the increase in the debt burden if its annual realeconomic growth increases by 1 ...ratio will gradually climb from 27 percent in 2008/09 to 39 percent by 2026/27 ... —below the debt stress ratio of 20 percent (Figure 1). This suggests

has also revised its economic growth outlook for South Africa lower over the medium term (see ... projections on the economic growth outlook dims”, 23 October 2013), and its borrowing ... The first half of 2013 has seen the pace of domestic economic growth disappoint

5% of the GDP in 2006-2020. The SPO’ s estimate is that such investments will help reducing ... if total abatement investments (estimated at 1.5% of GDP annually in 2006-2020) are undertaken ... Total CO2 Emissions as a Ratio to GDP (million tones / billion TRY) Source: Authors

increase in debt-to-GDPratio to 139 percent in 2013 and 2014 and the subsequent ... but raise the debt-toGDPratio in the medium term and, in the case of a permanent shock ... thereafter, with the structural primary surplus stabilizing at 3¼ percent of GDP

’s government debt-to-GDPratio by about 37 percentage points over 15 years. • The gradual ... deviation from baseline) Japan RealGDP (level) Current account (percent of GDP) Government debt (percent of GDP) United States RealGDP (level) Current account (percent of GDP) Euro area RealGDP (level) Current account (percent of GDP) Emerging Asia ... The simulation results suggest that faster productivity growth would both facilitate

Figure 9: Front-loading investment versus back-loading with improved productivity (Average realGDP growth 2010-2025; public external debt as percent of GDP in 2025) INF-BL INF-BL(15) INF-BL(30) RealGDP growth rate (percent, left-hand side ... Back-loading of investment will also lead to a lower public debt burden. Investments are financed by drawing down of assets, which have been accumulated in recent ... borrowing. As can be seen in Figure 9, not only does investing later and more gradually

Figure 5. 5: GDP Growth Rate 2000-2020 For Scenarios of TFP and Constant InvestmentGDP growth rate. 2000‐2020. For Scenarios of TFP and constant InvestmentRatio to GDP. Baseline TFP low TFP high ... is assumed that the fraction of gross capital formation (investment) to GDP is constant ... formation to GDP uses data in constant LCU, for current values of investment and 1 year lagged values of GDP, so the model can be solved in a recursive fashion. The ratio